If you've been following along with the Nortel patent auction news then you'll no doubt know that the over 6,000 patents and applications attracted a high level of interest across the technology world and as such, were placed on hold for a while. Having resumed on June 27, RIM has issued the following press release regarding their involvement in that high profile auction which also included the likes of Apple, EMC, Ericsson, Microsoft, and Sony.
WATERLOO, ONTARIO--(Marketwire - July 1, 2011) - As announced separately today by Nortel Networks Corporation, a consortium of certain technology companies, of which Research In Motion Limited ("RIM") (NASDAQ:RIMM)(TSX:RIM) is a part, emerged as the winning bidder for all of Nortel's remaining patents and patent applications for a cash purchase price of USD$4.5 billion. RIM's portion of the purchase consideration is approximately USD$770 million. The sale is subject to applicable Canadian and United States court approvals. Nortel plans to work diligently with the consortium to close the sale in the third quarter of 2011.
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws relating to a consortium of technology companies emerging as the winning bidder for Nortel's patent portfolio, required approvals and the anticipated closing date. Forward-looking statements are based on estimates and assumptions made by RIM in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that RIM believes are appropriate in the circumstances, including, RIM's perception of the parties' ability to obtain required approvals, and its views with respect to the anticipated closing date. Many factors could cause the actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation; risks related to the parties' ability to obtain the court approvals on a timely basis or at all; and risks of delays to the completion of the transaction. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements contained in this news release. RIM has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.